Billionaire fund manager eyes crypto fund in five years

Billionaire investor Tim Draper is hoping to have a fund focused entirely on crypto “in the next five years.” “I raise it completely in Bitcoin, I invest it in entrepreneurs in Bitcoin, all of them pay their employees and suppliers all in Bitcoin,” he said while speaking at the Financial Times Digital Assets Summit.Draper said that the fund would run on a smart contract in order to collect tax automatically. He said, “The blockchain keeps perfect records, and my friction items — my accounting, my legal, my auditing, my bookkeeping—all go to zero, or very close to zero.”Well-known for his VC investments in Tesla, SpaceX, and Twitter, the Draper Associates founder also urged companies to acquire Bitcoin. In fact, businesses yet to acquire Bitcoin for their corporate treasuries are “being irresponsible,” he added.Draper also highlighted that there’s a “gravitational pull" away from altcoins toward Bitcoin as a platform for development. He said, “A lot of the creativity used to be around Ethereum, Solana... now most of the engineers and entrepreneurs are driving it toward Bitcoin."The veteran investor said that governments have been recognizing that they should add Bitcoin to their treasuries.Strategy (Nasdaq: MSTR), MARA Holdings (Nasdaq: MARA), Riot Platforms (Nasdaq: RIOT), and Tesla (Nasdaq: TSLA) are among the leading companies holding Bitcoin on their balance sheets. The U.S., China, and the U.K. are the countries with the largest Bitcoin holdings. Draper is known for his bullish outlook on Bitcoin and predicted earlier that it will hit $250,000 by the end of 2025.As per Kraken's price feed, Bitcoin was exchanging hands at $96,516.30 at press time.